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News : Top Phone Scams Affecting Consumers in 2014
Atlanta, GA, Dec 4, 2014 -- Pindrop Security, a provider in phone fraud prevention and call center authentication for banks and enterprise call centers, announces the release of a new report, "Top Consumer Phone Scams: 2014." The report provides an in-depth analysis of the most common phone scams affecting consumers this year.
Phone fraud is a multibillion-dollar industry led by professional, organized attackers. Attackers use social engineering and manipulation techniques to extort funds and steal identities from their victims. The scams analyzed in the Pindrop report cost victims from as little as a few dollars to a victim's life savings.
"Each year, consumers lose billions of dollars to telephone scams," said Vijay Balasubramaniyan, co-founder and CEO, Pindrop Security. "With this report, we hope that consumers can become familiar with the techniques and tactics of these scammers and protect themselves from future attacks."
Reduced interest rate scam leads the pack: 18.5% of phone scam complaints tracked by Pindrop were related to scams offering victims reduced interest rates on credit card accounts.
Most phone scams involve government or financial services impersonation: 60% of all phone scam complaints involve fraudsters impersonating a financial or government institution, and two of the top 10 scams threaten victims with police action or arrest.
Fraudsters quickly adapt scams to current events: Pindrop research identified a surge in complaints related to the popular "Microsoft Tech Support" scam following the announcement that Microsoft would no longer support Windows XP.
Posted by Veronica Silva Cusi, news correspondent
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About Pindrop Security:
Pindrop Security provides enterprise solutions to secure phone and voice communications. Pindrop solutions reduce fraud losses and authentication expense for some of the largest call centers in the world. Pindrop’s patented Phoneprinting™ technology can identify, locate and authenticate phone devices uniquely just from the call audio thereby detecting fraudulent calls as well as verifying legitimate callers. Pindrop has been selected by the worlds largest banks, insurers, brokerages and retailers, detecting over 80% of fraud, even for attackers never seen before. Our solutions are allowing our customers to reduce call time and improve their customers experience even while reducing fraud losses. Pindrop is restoring confidence in the security of phone-based transactions.
Published: Friday, December 5, 2014